FDIC approved the deposit insurance application submitted by Square, Inc., to create a de novo industrial bank. Square Financial Services will originate commercial loans to merchants that process card transactions through Square’s payments system. go.usa.gov/xdzmn
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FDIC’s Tweets
Forget the mattress! Keeping large sums of cash at home is risky. The best place to protect your money is in an FDIC-insured bank where it’s safe and sound. Learn how the FDIC safeguards your #money at FDIC.gov/deposit
1/1 The FDIC today created the Deposit Insurance National Bank of Santa Clara to protect insured depositors of Silicon Valley Bank, which was closed this morning by state bank regulators in California. 🧵
We are establishing a bridge bank to protect all depositors of Signature Bank, New York, and to preserve the value of the institution’s assets and operations to sell at a later date.
Read more ➡️ fdic.gov/news/press-rel
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We observed that some FDIC-insured banks are not reporting estimated uninsured deposits as outlined in the Consolidated Reports of Condition and Income (Call Reports). Today, we’re reminding banks of the importance of reporting accurate data.
To protect depositors, we entered into an agreement with JP Morgan Chase Bank to purchase and assume all deposits and assets of First Republic Bank. Read more ➡️ fdic.gov/news/press-rel.
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Today, we entered into an agreement with First-Citizens Bank & Trust Company to purchase and assume all deposits and loans of Silicon Valley Bridge Bank, N.A.
fdic.gov/news/press-rel
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Today, we joined the and to take decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. Read our joint statement ⤵️
fdic.gov/news/press-rel
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Approximately 1.2 million more households were banked since 2019 despite the economic challenges of the COVID-19 pandemic. Why? Read our new National Survey of Unbanked and Underbanked Households➡️ FDIC.gov/EconomicInclus.
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Today, we issued cease and desist letters to five companies and individuals for making crypto-related false and misleading representations about FDIC deposit insurance.
Read more ➡️fdic.gov/news/press-rel
We're teaming up with , and @CalReinvest to expand partnership opportunities and funding mechanisms to bring broadband services to rural #California. Join us to talk about the challenges and solutions to bridge the digital divide.
go.usa.gov/xSRmC
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A message from Chairman McWilliams on the importance of #communitybanks and #minoritydepositoryinstitutions…
This evening, the Kansas bank commissioner closed Heartland Tri-State Bank of Elkhart. To protect depositors, the FDIC entered into an agreement with Dream First Bank of Syracuse, Kansas, to assume all of the deposits of Heartland Tri-State Bank.
fdic.gov/news/press-rel
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This morning, we acted to protect all depositors of the former #SiliconValleyBank of Santa Clara, California. This action will help preserve franchise value for marketing and sale of the closed institution without cost to the taxpayer.
fdic.gov/news/press-rel
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Opening a bank account can be one of the most important steps you take to reach YOUR financial goals. Putting your money in an FDIC-insured bank account means easy access to your funds in a low cost account.
Learn how to get started ➡️ FDIC.gov/GetBanked
#GetBanked
Today, we entered into an agreement with a subsidiary of New York Community Bancorp, Inc., to purchase and assume deposits and assets out of Signature Bridge Bank. Read more ➡️ fdic.gov/news/press-rel.
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We're proud to share our story about how we resolve failed banks with on Netflix. "The G Word" is a docu-comedy on government, but we're serious about protecting YOUR money!
The safest place to keep your money is in the bank. FDIC insurance covers up to $250,000 per depositor per FDIC-insured bank. Learn more about deposit insurance coverage: go.usa.gov/xdzNX
We are urging banks to work with those struggling to pay their mortgages, credit card debt and student loans. Together, we’ll get through this. #COVID19 FDIC.gov/coronavirus
Today, we released the findings of an internal review from our Chief Risk Officer on our supervision & cause of the failure of Signature Bank. The report also recommends matters for consideration related to examination guidance, processes, and resources.
fdic.gov/news/press-rel
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We offer our deepest gratitude to Brian Brooks for his leadership and service on our Board of Directors.
Read Chairman McWilliams’ full statement → go.usa.gov/xAmda
Today we announced the upcoming sale of CRE loans of the former Signature Bank, including efforts to engage state and local stakeholders about the multifamily residences contained in the portfolio. Read more: fdic.gov/news/press-rel.
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Congrats to @VaroMoney, the first #US #consumer #fintech firm to be granted a national #bank charter; this enables the #digital challenger to offer a full suite of FDIC-insured services. @Finextra @FDICgov #financialservices #Banking @BetaDigitalLtd
finextra.com/newsarticle/36
On this #PresidentsDay, we recall nearly 90 years ago during the Great Depression when President Franklin Roosevelt established the FDIC and the first national deposit insurance system in the U.S.
Since then, no one has lost a penny of their insured deposits. Thanks FDR!
Thank you for continuing to report that FDIC-insured deposits are safe and protected up to $250,000 per depositor per FDIC-insured account! fdic.gov/deposit/
Since 1933, no one has ever lost a penny of FDIC-insured funds. Learn how FDIC protects your deposits.
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This bank failure was not a result of the current health emergency. Financial issues were longstanding. This is very clear in our press release. go.usa.gov/xvg2F
People with bank accounts are receiving #IRS economic impact payments first and can access their money faster. If you don’t have a bank account, that’s okay. Learn how you can apply online → go.usa.gov/xv9EM
State officials close The First State Bank in Barboursville, WV, which suffered financial difficulties since 2015. To protect depositors, FDIC entered into an agreement w/ to assume all deposits; branches to reopen under normal business hours. go.usa.gov/xvgrc
Today, our Board of Directors approved a proposed rule to revise the regulatory capital framework of our nation’s largest financial institutions. #BASELIII
Read more ➡️ fdic.gov/news/board-mat
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For the 8.5 million unbanked households in America, there’s no better time to consider opening a bank account. Learn how you can receive your economic impact payment quickly, safely via direct deposit go.usa.gov/xvEyY #COVID19 #Coronavirus
Today, we named Sultan Meghji as our first Chief Innovation Officer. Sultan will lead FDiTech and our efforts to promote the adoption of innovative technologies across the financial services sector.
Read more ➡️ go.usa.gov/xs2xK
In recent days, the FDIC has established two bridge banks. All the contracts of the failed banks have been transferred to the bridge and remain in force. All parties are expected to meet their contractual obligations.
Read more➡️
We’re at #Money2020 today, an annual gathering of thousands in the #Fintech field.
Chairman McWilliams began with an AMPLIFY conversation with . AMPLIFY is a special program to cultivate connections for black, brown and people of color in financial services.
FDIC Encourages Consumers of All Ages to Start and Grow Their Savings Goals. #ASW18 go.usa.gov/xneaA
Thank you to and for a great conversation today with Chairman McWilliams to discuss the future of our community banks in this country. As banks continue to innovate, those with deep roots in their communities will always have a place in our financial system!
Deposit insurance protects your money at FDIC-insured banks. Since we began insuring deposits in 1934, no depositor has lost a penny of their insured funds.
Learn more ➡️ fdic.gov/resources/depo.
Today we announced the upcoming orderly liquidation of $115 billion in securities from the recent failures of Signature Bank and Silicon Valley Bank.
Read more ➡️fdic.gov/news/press-rel
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As receiver for the newly established, Signature Bridge Bank, we have transferred all Qualified Financial Contracts of the failed bank to the bridge bank.
Read more ➡️ fdic.gov/news/press-rel.
#TodayinHistory 86 years ago, the Federal Deposit Insurance Corporation made the first deposit insurance payment to Lydia Lobsiger after her bank failed. No one has ever lost a penny of their insured deposits since the FDIC was created in 1933.
Addressing #Money2020 today, Chairman McWilliams told innovators in the #Fintech world that federal regulators must promote the adoption of technology in banking to make certain our financial system works for everybody, including the unbanked!
fdic.gov/news/speeches/
Together with the , we issued a letter to #VoyagerDigital, demanding they cease and desist from making false and misleading statements on their FDIC deposit insurance status and take immediate action to correct these false statements.
Today, our Board of Directors approved a proposed rule to implement a special assessment on certain banking organizations to recover the costs associated with protecting uninsured depositors of the former Silicon Valley Bank and Signature Bank.
fdic.gov/news/press-rel
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Today, we joined other Federal bank regulators to issue a joint statement highlighting key risks for banks associated with crypto-assets and the crypto-asset sector. This statement describes our collective approaches to supervision in this area.
fdic.gov/news/press-rel
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…and here is our fact sheet on what the public needs to know about FDIC Deposit Insurance and Crypto Companies
Four companies will submit pilot proposals in the next phase of our Rapid Phased Prototyping Competition.
The goal—to accelerate the adoption of modern tools to improve our ability to detect risks at individual banks and within the banking system.
➡️go.usa.gov/xFPgv
We issued a letter demanding Utoppia and its officers stop making false and misleading statements about FDIC deposit insurance in English and Spanish. The entity must take immediate action to correct this inaccurate information.
fdic.gov/news/press-rel
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#OnThisDay in 1933, President Franklin Roosevelt signed the Banking Act of 1933 into law, creating the Federal Deposit Insurance Corporation.
Happy 89th birthday to us! 🎂 🥳 fdic.gov/about/history/
On this #MemorialDay, we honor the memory of service members and their families who have sacrificed to protect the freedoms we enjoy.
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Tomorrow morning, we will join and others to mark the 155th anniversary of Freedman’s Bank and to highlight Minority Depository Institutions which continue to serve credit-worthy families and businesses. #Freedman155
Tune in: treas.yorkcast.com/webcast/Play/4
We're seeking public comment on digital assets. Chairman McWilliams said the FDIC is issuing a Request for Information to help inform our understanding of the banking industry’s and consumers’ interests in this area.
Read our notice▶️go.usa.gov/xHtqr
During these uncertain times, beware of scammers! Just so you know, we don’t send unsolicited emails and will never ask you for money or request your personal information. Protect yourself from scams! #FDICsince1933 #ConsumerAlert
Chairman Gruenberg, , Chair Powell & Acting Comptroller Hsu released a statement on actions by the largest U.S. banks to deposit $30B into First Republic Bank & demonstrate the resilience of the banking system. fdic.gov/news/press-rel
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We have extended the bidding process for Silicon Valley Bridge Bank to allow more time to explore all options in order to maximize value and achieve an optimal outcome. Read more ➡️ fdic.gov/news/press-rel.
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Congratulations on your #Azbee Award for your profile of FDIC Chairman Jelena McWilliams in the . bankingjournal.aba.com/2018/12/a-fres
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It’s gardens of stone like that remind us that freedom is never free. On this #MemorialDay2020, we honor those who gave the last full measure of devotion to our nation.
Congratulations to our own after receiving Distinguished Alumnus Award! Arleas is a huge part of our family at #TeamFDIC.
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Arleas Upton Kea, BA ‘79, JD ‘82, Life Member, is deputy to the chairman and COO of @FDICgov. Kea was the first African-American to assume significant roles, including her present position at the FDIC and president of the @UTexasLaw Alumni Association.
Teaching your kids about money can pay big dividends later in life. In our continuing #FDICexplains (at home) series, we look at how developing 'money smarts' early in a child’s life can help put them on a solid financial path. #FDICMoneySmart #GetMoneySmart
Scam artists often use ‘phishing’ to try to trick unsuspecting consumers. In our continuing #FDICexplains (at home) series, we offer a number of ways you can protect yourself.
In a letter to , Chairman McWilliams today announced her decision to step down as Chairman of the Board of Directors -->
1/ New and research finds millions of U.S. jobs were saved by small-biz loans made through the and #PaycheckProtectionProgram bloomberg.com/news/articles/
Bankers: Missed this morning’s Ask the Regulators webinar on becoming an Paycheck Protection Program lender? You’re in luck. The archive is now available for viewing #PPPLoan #CARESAct webcaster4.com/Webcast/Page/5
Today, we join the nation in marking #Juneteenth, a day to recognize and celebrate the history of emancipation and freedom and to recommit ourselves to the work of equity, equality and justice.
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Today, we announced 11 companies will compete in the third and final phase of our 'tech sprint' to modernize how banks might report financial information.
Our competition uses a “show me, don’t tell me” model called Rapid Phased Prototyping. go.usa.gov/xATZH
Minority Depository Institutions (MDIs) are a critical part of our banking system. In our continuing series #FDICexplains (at home), Betty Rudolph explains what MDIs are and why they're so important. #MinorityDepositoryInsitutions
On #ThisDayinHistory 156 years ago, Maggie Walker was born. Learn more about how this remarkable woman broke the social rules of her time to become the first African American woman to establish a bank in the U.S. go.usa.gov/xfbHV
For the first time in nearly a decade, our website is getting a whole new look. Check it out → youtu.be/Mtn1zCxcxT0
May is Military Appreciation Month and we're teaming up with and to raise awareness and about the financial challenges facing #veterans and #servicemembers with a focus on #SmallBusiness. Learn how you can support our Nation's Finest.
go.usa.gov/xuNU9
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Preventing Elder Abuse: Guidance and advice for consumers and financial institutions. #elderfraud
Meet Aileen, part of #TeamFDIC and one of the many reasons why we’re ranked by as among the best places to work in the Federal government.
Today, Chairman McWilliams announced the creation of a new FDIC office to support 'mission-driven banks.' These are minority and community development financial institutions on the front lines in lower income communities. #MDIs #CDFIs
fdic.gov/news/press-rel
Are you ready for some football? Did you know FDIC once owned 12% of the Dallas Cowboys? Fdic.gov/history
We're pleased to announce the launch of a new and improved 'BankFind' Suite on our website. BankFind offers analysts and consumers alike a wealth of current and historic data on banks, including YOUR bank. Tell us what you think! go.usa.gov/xfvCr
Meet Sarah, a member of #TeamFDIC. This #PrideMonth, Sarah reflects on the importance of celebrating the LGBTQI+ community and honoring their voices.
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The IRS suggests that filing your tax returns electronically with direct deposit is the fastest way to get your refund. If you don’t have a bank account, we have lots of tips to #GetBanked!
Read more about how you can open a bank account
online → go.usa.gov/xAs7E
A trailblazer in banking, Maggie Walker opened the St. Luke’s Savings Bank in 1903, becoming the first Black woman to found a bank and serve as its President. She later became Chairman of the Board for the newly consolidated Bank and Trust. #BlackHistoryMonth
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June is #PrideMonth, a time to celebrate the contributions of the LGBTQI+ community while recognizing the work left to be done in the fight for equality.
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BANKERS: Join us for a webinar TOMORROW, April 23 at 11 a.m. ET on the #PPPLoan program. The FDIC, along with , , and will provide an overview of the program and take your questions. go.usa.gov/xvnxK #CARESAct
Read how our own Nikita Pearson's personal story drives her...and our...work to expand diversity and inclusion here at the FDIC. #TeamFDIC go.usa.gov/xGWzM
Exciting news! Today, we announced a strategic partnership with ’s Pratt School of Engineering to support technological innovation in the banking and financial services sectors. go.usa.gov/xHTGw
+ #FDItech!
More than 100 years ago, World War I ended on the 11th hour of the 11th day of the 11th month. On this November 11th, we honor today’s #veterans for answering the call to serve. Thank you…and to all military families…on this #VeteransDay. #MilitaryFamilyAppreciationMonth
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I'm going to say this for nonbankers out there.
Your money really is protected by @FDICgov. I've covered that agency for two decades. Seen lots of failures. No insured money was EVER lost.
If you have less than $250,000 in your bank account right now, you're covered. twitter.com/FDICgov/status…
FDIC, , , , , Issue interagency statement on loan modifications and reporting by financial institutions working with customers affected by the Coronavirus go.usa.gov/xduJw
go.usa.gov/xduJG
At #Money2020, Chairman McWilliams and ' Dontá Wilson join a group of mission-driven bankers to discuss a new capital investment vehicle to support minority banks and Community Development Financial Institutions #CDFIs.
We call it the Mission-Driven Bank Fund.
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Because it's been more than 10 years since we've done a bridge bank, and we wanted to remind entities of their obligations.
